Rio Tinto PLC (LON:RIO) on Tuesday reported a 32% rise in third-quarter mined copper production year-on-year and said production for the metal is expected to be at the upper end of its 2018 guidance.
The FTSE 100 company said mined copper production was 159,700 tonnes in the third quarter versus the same period a year ago. The 32% rise largely reflects increased production from its Rio Tinto Kennecott operation in Utah due to higher grades.
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Mined copper production increased 38% to 455,800 tonnes in the first nine months of 2018 from the year-ago period.
“We have delivered consistent operational performance in the third quarter, highlighted by strong production from the Group's copper assets,” said Rio Tinto chief executive Jean-Sébastien Jacques in a statement.
Rio Tinto said its expected share of mined copper production for 2018 is expected to be at the upper end of previously published guidance in the range of 510,000 and 610,000 tonnes. Refined copper production is expected to be between 225,000 to 265,000 thousand tonnes.
Meanwhile, iron ore shipments fell 5% in the third quarter to 81,900 tonnes from the same period last year because of planned maintenance and safety pauses following a fatal injury for a truck operator at its Paraburdoo Iron Ore mine in Western Australia in August.
As part of its third-quarter production report, Rio Tinto said diamond production guidance for 2018 is between 17mln and 20mln carats.
Rio Tinto added: “We made strong strategic progress with the full exit from coal, the announcement of the additional $3.2 billion of share buy-backs, and the signing of a binding conditional agreement to exit Grasberg for $3.5 billion.”
“We continue to pursue all opportunities to improve productivity and drive enhanced cash flow generation. This, combined with the disciplined allocation of capital, will ensure we continue to deliver superior returns to our shareholders in the short, medium and long-term,” Jacques said.